Key Highlights

ETH price corrected lower from the $298.31 high and declined below $290-291 against the US Dollar.

There was a break below a key bullish trend line with support at $294 on the hourly chart of ETH/USD (data feed via Kraken).

The pair is now trading near a couple of important support levels around $283 and $280.

Ethereum price is correcting lower against the US Dollar, but remains bearish vs bitcoin. ETH/USD must stay above $280-283 to bounce back in the near term.

Ethereum Price Support

Yesterday, we saw a nice upside move above the $295 level in ETH price against the US Dollar. The ETH/USD pair traded as high as $298.31 and later started a downside correction. It declined and moved below the $290 support level. Moreover, there was a break below the 38.2% Fib retracement level of the last ride from the $269 low to $298 high. There was even a break below the $285 level, but buyers appeared near $283-284.

During the decline, there was a break below a key bullish trend line with support at $294 on the hourly chart of ETH/USD. The pair tested the 50% Fib retracement level of the last ride from the $269 low to $298 high. The $283-284 zone is currently acting as a support along with the 100 hourly simple moving average. The price may decline a few more points, but the next support near $280 holds a lot of importance. Below this, the price may move into a bearish zone back towards the $269 swing low.

Looking at the chart, ETH price seems to be testing a key technical support near $283. Therefore, there are high chances of a bounce back towards the $290 and $292 levels. However, a break above the $295-298 zone is needed for more gains in the near term.